A survey by Visa indicates that rapid card tokenization in India has led to enhanced security, increased trust in digital payments, and improved payment experiences. The Card-on-File (CoF) Tokenization mandate, implemented by the RBI, has gained approval from 88% of industry executives, citing improved consumer security. Additionally, 65% believe it has increased trust in digital payments. The process replaces a card’s 16-digit number with a unique token for secure online, mobile, and in-app transactions. Executives foresee tokenization driving contactless payments across devices and expanding to more merchant categories. The RBI’s data storage prohibition mandate, effective since October 2022, aims to protect sensitive card information.
Survey Reveals Positive Impact of Card Tokenization on Digital Payments in India
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